EY - VAT is coming to Puerto Rico in April – is your business ready?

EY Tax Webcast

VAT is coming to Puerto Rico in April – is your business ready?

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On 29 December 2015, the Puerto Rico Treasury Department announced its intention to phase out the current sales and use tax regime and replace it with a full-fledged value added tax (VAT) effective 1 April 2016 (for prior coverage see our Indirect Tax Alert of 4 January 2016).

This announcement brings Puerto Rico one step closer to becoming the first US jurisdiction to adopt a VAT tax regime. With just a few short months before the implementation date, businesses will be challenged to meet the required compliance, systems, processes and internal changes needed to comply with the VAT mandate.

Please join our panel of Puerto Rico VAT professionals as they provide insights into Puerto Rico’s new VAT requirements, explore practical steps for addressing implementation and share some examples of how leading-practice organizations are getting ready.

Discussion topics include:

  • Sales and use tax (SUT) transition rules and proposed regulations for business-to-business (B2B) and designated professional services
  • Timeline for Phase I – April 2016 and Phase II – June 2016 VAT implementation
  • Essential VAT areas that need to be urgently addressed
  • Methodology for a successful transition to VAT and how to get started

During the webcast you will have the opportunity to submit your questions electronically.

 

Panelists

Gino Dossche

Executive Director, Ernst & Young LLP (US), New York, NY

Gino Dossche is a member of VAT practice of Ernst & Young LLP in New York where he is the Lead for Global Compliance & Reporting services for Indirect Tax. Gino has been an Indirect Tax advisor for more than 13 years. During that time, he has had the opportunity to work on numerous international VAT/GST engagements for a wide variety of businesses, including oil and gas, high-tech/e-commerce, media, telecommunications, manufacturing, consumer business, pharmaceutical and international service companies. His work includes provision of global VAT/GST consulting and compliance advice, pre- and post-M&A work (integration), VAT recovery services, supply-chain restructuring and co-ordination of multinational VAT/GST projects.

In 2005, Gino moved to the US from Belgium where he assisted multinational clients with their European VAT compliance and provided automated VAT compliance solutions (e.g. streamlining ERP systems). Gino regularly presents at seminars and conferences on international VAT/GST matters has been a facilitator and dean at Indirect Tax schools since 2007. He has also authored and co-authored articles on various VAT/GST topics.

Gino received a Master of Arts Degree in economics and Master of Laws Degree in Tax Law and is a member of the Belgian Institute of Tax Consultants (equivalent to CPA).

Teresita Fuentes

Tax Market Leader, Ernst & Young Puerto Rico LLC, San Juan, Puerto Rico

Teresita Fuentes is the Tax Market Leader of Ernst & Young Puerto Rico LLC, an affiliate of Ernst & Young LLP, and is also member of the firm’s Tax Policy & Controversy Leaders group. She has over 25 years of experience within the tax and administration, both in public accounting and government.

Teresita has extensive experience providing tax planning strategies, advice on mergers and acquisitions, and tax incentives planning for companies in the manufacturing, services and insurance industries, among others. Teresita also works extensively on complex issues related to the reporting and disclosure of taxes for financial statement purposes.

Prior to joining EY, she was with the Puerto Rico Treasury Department as Assistant Secretary for Internal Revenue.

Teresita holds a bachelor in business administration with a major in accounting from the University of Puerto Rico.

Pablo Hymovitz

Executive Director, Ernst & Young Puerto Rico LLC, San Juan, Puerto Rico

Pablo Hymovitz Cardona is an Executive Director in the Tax Advisory Division of the Tax Department of Ernst & Young Puerto Rico LLC, an affiliate of Ernst & Young LLP, with 12 years of experience in both Public Accounting and government. He previously worked at Ernst & Young LLP from 2005 to 2008 as a senior tax consultant. He is an attorney with experience in tax, corporate and litigation matters.

From 2009 to 2011, Pablo worked in the Puerto Rico Treasury Department as the Assistant Secretary for Internal Revenue Area, which involved responsibility for overseeing the administration of the Puerto Rico Internal Revenue Code as well as other related tax laws and the operation of the seven bureaus that make up the Internal Revenue Area.

Pablo received a BBA in Accounting and a Masters of Taxation degree from Georgia State University and a Juris Doctor from Tulane University.

Rosa M. Rodríguez

Executive Director, Ernst & Young Puerto Rico LLC, San Juan, Puerto Rico

Rosa Rodríguez is an Executive Director in the Tax Advisory Division of the Tax Department of Ernst & Young Puerto Rico LLC, an affiliate of Ernst & Young LLP, with 26 years of experience in both Public Accounting and government. She has extensive experience serving clients in various industries, including the pharmaceutical and manufacturing services sector. She also has significant knowledge and experience of tax issues affecting major corporate clients and comprehensive knowledge of the various tax and fiscal regimes and planning opportunities throughout the region.

Rosa is a former Assistant Secretary for Internal Revenue Area. As part of her three years’ experience with the Treasury Department, she worked, with review and draft of tax legislation, rulings, and tax exemption approval, revenue collection, managing of a workforce of nearly 3,000 employees through seven (7) bureaus, more than 100 collectors’ offices, and five (5) regional administrative offices.

Rosa holds a bachelor in business administration with a major in accounting from the University of Puerto Rico and is a Certified Public Account in Puerto Rico.

Moderator

Robert S. Smith

Principal, Ernst & Young LLP (US), Irvine, CA, Leader EY Americas VAT

Robert Smith has a wide range of customs and international trade knowledge and familiarity dealing with customs issues throughout China and the AsiaPac region. He is well versed in a number of subjects, including: customs valuation, customs classification, import/export procedures, licensing requirements, duty reliefs, and other planning opportunities.

Robert has extensive practical experience assisting companies in the management of customs function and addressing and resolving issues directly with China Customs. He provides advice and assistance in many areas such as: supply chain restructuring; duty/VAT free importation of raw materials for export production; positive resolution of valuation investigations; technical tariff classification opinions; reconciliation of customs handbooks; treatment of royalties and technology license fees under the customs valuation rules.

Robert has a master’s degree in Professional Accounting and a bachelor’s degree, both from Brigham Young University. He is a licensed US Customs Broker and formerly worked as a customs advisor in the US. He proficiently reads, writes and speaks Korean and can speak basic Mandarin.